There is a rumour that I am a critic of the Central Bank of Nigeria (CBN).
Okay, it’s not a rumour; I admit there are a few articles in my locker with one or two attacks. However, my overall judgement of the CBN is not necessarily negative. In fact, I sympathise with the apex bank. Have you tried running a business in Nigeria before? Yes, the CBN is a business—a bank, to be specific. But not just any business. While some companies are trying to feed our bellies or sell us different products (no offence to anyone), the apex bank’s objective is to fix the country’s deepest problems.
I’ll be the first to say it. The CBN is Nigeria’s Superman.
Let’s remind ourselves what the bank’s mandate is. The first is to ensure that prices are stable—which means keeping inflation at between 6%-9%. They are also in charge of issuing